Close To Launching $100M VC Fund For Web3

The NEAR Foundation will launch a $100 million venture capital fund to support web3 developments and entertainment.

Venture Lab Initiative

The project includes a venture capital fund and a venture workshop. The NEAR Foundation is partnering with Caerus Ventures, which will be one of the lead investors in this fund. The VC fund alone has an initial close of $50 million, aiming to raise $100 million in the seed Series A round. The venture lab will act as a platform to support the work of creators, talent and franchise owners to create the next generation of platforms. He will receive the first batch of investments.

According to Near Foundation CEO Marieke Flament, the choice to partner with Caerus was due to the similarity of values. Flament said,

“We’re both trying to reinvent what it means to be a creator. They have a uniquely differentiated proposition and a strong investment thesis based on the contribution of entertainment.”

He works with New Investment Company

Caerus Ventures is a start-up Swiss investment company that hopes to catalyze innovation on the Web3 by supporting sports, music, film, fashion and artistic ventures in this direction. The company is headed by IMG executive Nathan Pillai, who shared his thoughts on the project, saying:

“I believe that creators of talent and intellectual property (IP) should have a fairer share of the value that is created, and for that, then shared among consumers and fans. We want to focus on how to deepen engagement and reward people who spend a lot of time and money consuming entertainment.” Pillai said, adding that the company is currently looking at investing in a music streaming service that allows users to invest in an artist’s success.”

Latest In NEAR

The NEAR Protocol has had a very eventful history. The NEARCON event takes place in Lisbon next week. More recently, the NearPay The app has successfully launched its crypto virtual cards and wallet apps to further bridge the gap between fiat and crypto.

However, throughout August, the protocol was on the verge of several attacks by malicious actors. Earlier this month, the team worked on a tip from security firm Hacxyk to resolve one insect in his wallet similar to that of Solana where more than 5000 wallets were hacked. A few weeks later, the NEAR rainbow bridge was targeted by a hacking attempt, which successfully countered the security protocols, keeping users’ money fairly safe.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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